The past decade and a half have seen the founding of new archival initiatives in the Middle East devoted to collecting and preserving photographs. This article examines critically the constitution of photographic heritage in the region ethnographically and historically. I look first at how historical photographs are understood in Egypt by their custodians old and new. Publics and institutions overwhelmingly see photographs as “images of something,” and appreciate them for their visual content rather than as social and cultural objects. This facilitates their transfer from public collections into private hands in Egypt and abroad. I examine in detail key actors currently involved in shaping photographic heritage: the Library of Alexandria in Egypt, the Arab Image Foundation in Beirut, and private collectors in Egypt. I look at how these actors assign value to historical photographs in their custody and their strategies for collecting and curating them. They often define their actions negatively, “against others,” historically against a state that they believe has failed to care for national heritage. Yet these very actors, and their rivals, often perpetuate such narratives and associated fears. Two models of photographic heritage-making are currently emerging in the region: a “digital” model that destroys artefacts in order to produce data, and a model of private cultural institutions that provide unclear and selective access to their collections.